Bundesbank Board Opposes Welteke's Gold Sale Plan,
Spiegel Says
Jan. 17 (Bloomberg) -- The board of Germany's Bundesbank
opposes a plan by its President Ernst Welteke to sell
some of the central bank's gold reserves to fund research
in Europe's largest economy, Der Spiegel said.
``Welteke won't get a majority for his proposal,'' the
magazine cited an unidentified board member as saying.
Only three of the board's eight members are in favor
of the proposal, Spiegel said, citing the board member.
The Bundesbank's board will vote on the proposal in
February, the magazine said.
The Bild am Sonntag Sunday newspaper said earlier this
month that the Frankfurt-based Bundesbank and the German government have agreed to sell up to 600 tons of the
central bank's gold to raise as much as 7 billion euros
($8.7 billion) for a fund to promote education and
research. The government expects the fund to generate
interest income of between 250 million euros and
300 million euros a year, the paper said.
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